The table below lists the actual minimum wage and CPI in 1974 and in 2017. Using the table, calculate the real minimum wage for 1974 and 2017. Are workers better off in terms of the purchasing power of a dollar in 1974 or 2017? Explain why Year Nominal Minimum CPI Wage 2.00 (1982=100) 49.3 1974 2017 7.25 244.3

The table below shows the prices a household must pay for goods they purchase regularly.   Year Price of Bread Price of Peanut Butter Price of Milk 1 $2.00 $3.50 $4.10 2 2.25 3.65 4.15 3 2.40 3.70 4.18   Suppose the yearly consumption of the household 50 loaves of bread, 84 jars of peanut butter, and 25 gallons of milk. What is CPI in year 2, using year 1 as a base year?   Multiple Choice   The CPI is 105.31.   The CPI is 107.81.   The CPI is 522.85.   The CPI is 1.05

Suppose the current CPI is 252 and in 2005 it was 196. A pair of Levi’s jeans costs $43 today. Based on the CPIs, what would you expect the 2005 price to have been for the same style of Levis, in a similar retail outlet?

The federal minimum wage in 1991 was $4.25.  The value of the CPI in 1991 was 136.2  The value of the CPI in 2018 was 251.107.  The federal minimum wage in 2018 was $7.25.   Round your answers to two decimal places. The real value of the minimum wage in 1991 measured in base year dollars was $  .  The real value of the minimum wage in 1991 measured in 2018 dollars was $  .  Minimum wage workers were better off in 1991 than they were in 2018.  Enter T for true or F for false.